Singapore market closed slightly below 2600 level on Friday. This was the first time the market made a series of “Black Candles” since it broke out of the 2424 level on 20 July 09.
Fibonacci retracement level is at 2527 (38.2%) and 2417 (61.8%) respectively.
RSI has dropped from overbought levels and is now at 57 level. There is no RSI divergence at this point and this suggests that the up trend is still intact.
MACD just made a bearish crossover. This indicates weakness in the near term.
+DI is still above –DI. However it looks set to go below the –DI.
The index is still above the uptrend line. Unless the index drops below this trend line, the market should continue to trend higher.
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